US dollar’s ascent weighs on Asian currencies
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Asian currencies are all lower on Monday as the US dollar continues to climb.
The dollar index, a measure of the US currency against a basket of its global peers, was up 0.1 per cent at 101.28, eyeing a fourth straight session of gains.
In recent weeks, the greenback has found itself under pressure – dipping below the psychological 100 mark a fortnight ago – as investors questioned the sustainability of the global reflation trade. Even on Friday, when the US launched its missile strike on Syria, the dollar turned south for a while as the haven demand prompted a rally in the yen.
The Japanese yen was 0.4 per cent weaker in Asia at ¥111.48 per dollar, while the Australian dollar shed 0.2 per cent to $0.7487.
The South Korean won was down 0.7 per cent as the Pentagon’s decision at the weekend to deploy an aircraft carrier group to the waters near the Korean peninsula highlighted the geopolitical tensions stemming from the region.
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